154:
UK, the FCA published PS 21/19 (“policy statement”) for “Changes to the SCA-RTS and to the guidance in ‘Payment
Services and Electronic Money – Our Approach’ and the Perimeter Guidance Manual” . This document proposed a number of modifications including to Article 10 of the UK- RTS, by replacing the requirement for the PSU to re-authenticate with their ASPSP every 90 days to allow AISP access with the requirement for the PSU to reconfirm their consent with their AISP directly.
312:
173:
services" offer consolidated information on different accounts of a payments service user. Harmonisation of refund rules regarding direct debits, a reduction of the scope of the "simplified regime" for so-called "small payment institutions" and addressing security, access to information on payment accounts or data privacy with possible licensing and supervision were proposed.
150:
benefits have not yet been fully realised". The same report found the 2009 update "to be functioning well. For example, charges for €100 transfers followed a further downward trend to €0.50 euro-area average for transfers initiated online and remained low, at €3.10 for transfers initiated at the bank counter".
107:
The PSD's purpose in regard to the payments industry was to increase pan-European competition with participation also from non-banks, and to provide for a level playing field by harmonizing consumer protection and the rights and obligations for payment providers and users. The PSD's purpose in regard
216:
Another important element of the directive is the demand for common and secure communication (CSC). eIDAS-defined qualified certificates for are demanded for website authentication and electronic seals used for communication between financial services players. The technical specification ETSI TS 119
182:
On 8 October 2015, the
European Parliament adopted the European Commission proposal to create safer and more innovative European payments (PSD2, Directive (EU) 2015/2366). The current rules aim to better protect consumers when they pay online, promote the development and use of innovative online and
153:
In
October 2021 the EBA launched a public consultation on the amendment of its Regulatory Technical Standards (RTS) on strong customer authentication and secure communication (SCA&CSC) under the Payment Services Directive (PSD2) with regard to 90-day exemption from SCA for account access. In the
136:
The "business conduct rules" specified what transparency of information payment service institutions needed to provide, including any charges, exchange rates, transaction references and maximum execution time. It stipulated the rights and obligations for both payment service providers and users, how
149:
The PSD was updated in 2009 (EC Regulation 924/2009) and 2012 (EU Regulation 260/2012). An implementation report from 2013 found the PSD facilitated "provision of uniform payment services across the EU" and reduced legal and production costs for many payment service providers and that "the expected
205:
The EU and many banks pushed this development with the new
Payments Service Directive 2 (PSD2), which came into force on 13 January 2018. Banks then adapted to these changes which opened many technical challenges, but also many strategic opportunities, such as collaborating with fintech providers,
201:
passed PSD2. Member states then had two years to incorporate the directive into their national laws and regulations. On 27 November 2017, Commission delegated
Regulation (EU) 2018/389 supplemented PSD2 with regard to regulatory technical standards for strong customer authentication and common and
172:
So-called "third party payment service providers" emerged, which facilitated online shopping by offering low cost payments on the
Internet by using the customers' home online banking application with their agreement, and informing merchants that the money is on its way. Other "account information
132:
in 2000, and created the new category of "payment institutions" (PI) with its own prudential regime rules. Organisations that are neither credit institutions nor EMIs could apply for an authorisation as a payment institution if they met certain capital and risk management requirements. The
405:
Directive (EU) 2015/2366 of the
European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (Text with EEA
127:
The "market rules" described which type of organisations could provide payment services. Next to credit institutions (i.e. banks) and certain authorities (e.g. central banks, government bodies), the PSD mentioned electronic money institutions (EMI), created by the
647:"Report from the Commission to the European Parliament and the Council on the application of Directive 2007/64/EC on payment services in the internal market and on Regulation (EC) No 924/2009 on cross-border payments in the Community"
431:"Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC"
194:, responsible for Financial Stability, Financial Services and Capital Markets Union, said, "This legislation is a step towards a digital single market; it will benefit consumers and businesses, and help the economy grow."
63:
and the rights and obligations of payment providers and users. The key objectives of the PSD2 directive are creating a more integrated
European payments market, making payments more secure and protecting consumers.
108:
to consumers was to increase customer rights, guarantee faster payments (no later than next day since 1 January 2012), describe refund rights, and give clearer information on payments. Although the PSD was a
44:
133:
application could be made in any EU country where they are established and they could then "passport" their payment services into all other EU member states without additional PI requirements.
141:
Each country had to designate a "competent authority" for prudential supervision of the PIs and to monitor compliance with business conduct rules, as transposed into national legislation.
59:(EEA). The PSD's purpose was to increase pan-European competition and participation in the payments industry also from non-banks, and to provide for a level playing field by harmonizing
605:
701:
646:
697:
291:
14 September 2019: The final deadline for all companies within the EU to comply with PSD2's
Regulatory Technical Standard (RTS) pertaining to directive (EU) 2015/2366 (PSD2)
669:"EBA consults on the amendment to its technical standards on strong customer authentication and secure communication in relation to the 90-day exemption for account access"
576:
137:
to authorise and execute transactions, liability in case of unauthorised use of payment instruments, refunds on payments, payment orders, and value dating of payments.
282:
16 November 2015: The
Council of the European Union passes PSD2, giving member states two years to incorporate the directive into their national laws and regulations.
364:
elements of the new legislation, claiming it focuses too much on improving competition and innovation while the privacy interests of account holders are overlooked.
506:
169:
The PSD option for merchants to charge a fee or give a rebate, combined with the option for countries to limit this, led to "extreme heterogeneity in the market".
115:
The final adopted text of PSD went into force 25 December 2007 and was transposed into national legislation by all EU and EEA member states by 1 November 2009.
864:
933:
668:
984:
882:
948:
841:
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Dimitrios Linardatos: "Das Haftungssystem im bargeldlosen Zahlungsverkehr nach Umsetzung der Zahlungsdiensterichtlinie", Nomos-Verlag, 2013,
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14 March 2019: All Financial Institutions offering an API solution must have it available for external testing by PISPs and AISPs.
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964:
915:
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31 December 2020: Extended deadline for all companies within the EU to implement PSD2's Strong Customer Authentication (SCA)
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781:
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The PSD only applied to payments within the European Economic Area, but not to transactions to or from third countries.
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2009 update: eliminated differences in charges for cross-border and national payments in euro (EC Regulation 924/2009)
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chip cards/terminals). The PSD provides the legal framework within which all payment service providers must operate.
93:
943:
403:
727:"European Parliament adopts European Commission proposal to create safer and more innovative European payments"
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225:
210:
80:, which defines the harmonization of payment products, infrastructures and technical standards (Rulebooks for
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198:
698:"PS21/19: Changes to the SCA-RTS and to guidance in the Approach Document and the Perimeter Guidance Manual"
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2012 update: Regulation on cross-border payments, "multilateral interchange fees" (EU Regulation 260/2012)
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883:"European PSD2 legislation puts privacy under pressure. Privacy First demands PSD2 opt-out register"
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989:
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606:"Competent authorities for the authorisation and supervision of payment institutions (Article 20)"
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initiative to harmonise the main non-cash payment instruments across the Euro area (by end 2010)
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PSD2 went into full effect on 14 September 2019, but due to delays in the implementation, the
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109:
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13 January 2018: Directive 2007/64/EC is repealed and replaced by Directive (EU) 2015/2366
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to make Europe "the world's most competitive and dynamic knowledge-driven economy" by 2010
8:
821:"strong customer authentication (SCA) Enforcement Date : Stripe: Help & Support"
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672:
584:
550:
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842:"EBA publishes an Opinion on the elements of strong customer authentication under PSD2"
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759:
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directive, certain elements allowed for different options by individual countries.
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29 November 2021: FCA publishes changes to 90-day reauthentication rules in the UK
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is a self-regulatory initiative by the European banking sector represented in the
865:"The Implications and Requirements of PSD2 open banking for Programme Managers"
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81:
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482:"Authorised Payment Institution | Payments | Licensing & Compliance"
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December 2001: regulation EC 2560/2001 on cross-border payments in Euro
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Opinion on the elements of strong customer authentication under PSD2
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PSD exemptions related to payment activities left users unprotected.
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1 November 2009: deadline for transposition in national legislation
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December 2005: proposal for PSD by DG Internal Market Commissioner
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543:"Directive on Payment Services (PSD) – Member States' options"
507:"The Payment Services Directive – What it means for Consumers"
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July 2013: report on implementation of PSD and its two updates
217:
495 defines a standard for implementing these requirements.
756:"Electronic payment services: Council adopts updated rules"
187:, and make cross-border European payment services safer.
101:
45:
European Commission (Directorate General Internal Market)
796:"Capitalizing on the potential benefits of open banking"
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Privacy First, a privacy organisation, criticised the
721:
719:
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2001–2004: consultation period and preparation of PSD
209:
An important element of PSD2 is the requirement for
944:
Payment services (PSD 2) - Directive (EU) 2015/2366
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460:"Payment services (PSD 1) - Directive 2007/64/EC"
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782:"COMMISSION DELEGATED REGULATION (EU) 2018/389"
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251:created by the banking industry, driving the
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178:Revised Directive on Payment Services (PSD2)
844:(Press release). European Banking Authority
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348:Learn how and when to remove this message
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639:
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267:25 December 2007: PSD entered into force
213:on the majority of electronic payments.
202:secure open standards of communication.
985:European Union financial market policy
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929:Text of the Payment Services Directive
435:Official Journal of the European Union
951:European Banking Authority, June 2019
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454:
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319:This section may contain information
123:The PSD contained two main sections:
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224:allowed for a time extension of the
934:European Union PSD official website
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157:
13:
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863:Jones, Brendan (23 October 2018).
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409:, vol. OJ L, 23 December 2015
21:Revised Payment Services Directive
14:
1001:
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649:. Eur-lex.europa.eu. 24 July 2013
47:to regulate payment services and
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183:mobile payments such as through
74:SEPA (Single Euro Payments Area)
33:Payment Services Directive (PSD)
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228:(SCA) until 31 December 2020.
226:strong customer authentication
211:strong customer authentication
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965:Banking in the European Union
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199:Council of the European Union
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7:
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67:
10:
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222:European Banking Authority
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980:European Union directives
939:European Payments Council
325:to the article's subject.
253:Single Euro Payments Area
249:European Payments Council
197:On 16 November 2015, the
78:European Payments Council
49:payment service providers
29:Directive (EU) 2015/2366
374:Late Payments Directive
57:European Economic Area
43:, administered by the
462:. European Commission
323:important or relevant
110:maximum harmonisation
31:, which replaced the
330:improve this section
100:XML message format,
37:Directive 2007/64/EC
975:European Commission
887:www.privacyfirst.eu
784:. 27 November 2017.
731:European Commission
673:European Commission
622:on 27 February 2015
585:European Commission
557:on 27 February 2015
551:European Commission
514:European Commission
61:consumer protection
970:Digital currencies
762:. 16 November 2015
704:. 29 November 2021
577:"Payment Services"
190:Then-Commissioner
119:Technical overview
916:978-3-8487-0709-6
760:Council of the EU
758:(Press release).
729:(Press release).
700:(Press release).
675:. 28 October 2021
671:(Press release).
437:. 5 December 2007
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130:E-Money Directive
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302:Privacy concerns
206:for the future.
158:Remaining issues
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82:credit transfer
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51:throughout the
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890:. Retrieved
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848:21 September
846:. Retrieved
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805:21 September
803:. Retrieved
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735:. Retrieved
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677:. Retrieved
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651:. Retrieved
624:. Retrieved
617:the original
613:EC.Europa.eu
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600:
588:. Retrieved
581:EC.Europa.eu
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571:
559:. Retrieved
555:the original
547:EC.Europa.eu
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537:
525:. Retrieved
518:the original
501:
489:. Retrieved
485:
476:
464:. Retrieved
439:. Retrieved
434:
411:, retrieved
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398:
384:Open Finance
379:Open banking
362:open banking
359:
344:
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328:Please help
320:
237:March 2000:
219:
215:
208:
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185:open banking
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86:direct debit
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41:EU Directive
36:
32:
28:
24:
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16:EU Directive
766:16 November
653:27 February
626:27 February
590:13 February
561:27 February
466:13 February
959:Categories
918:. (German)
708:1 February
679:1 February
406:relevance)
390:References
232:Key dates
98:ISO 20022
55:(EU) and
869:Finextra
800:McKinsey
527:20 March
441:2 August
368:See also
338:May 2020
263:McCreevy
68:Overview
39:) is an
413:12 July
145:Updates
914:
892:26 May
491:26 May
486:BCC UK
247:2002:
737:4 May
620:(PDF)
609:(PDF)
521:(PDF)
510:(PDF)
912:ISBN
894:2020
850:2019
828:2019
807:2019
768:2015
739:2016
710:2021
681:2021
655:2015
628:2015
592:2017
563:2015
529:2014
493:2020
468:2017
443:2014
415:2020
321:not
94:IBAN
72:The
25:PSD2
19:The
102:EMV
90:BIC
961::
885:.
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